The strategy works best on 1 Hour timeframe. The results may very different depending upon time-frame and date range of your choice and different exchanges.
Parameters details: 1. Trade Trigger - You can adjust it depending upon your risk management. Default value is 20. 2. Partial Profit Points – Part profit booking points. Default value is 350. 3. Lookback Period 1 – Default is 11. 4. Lookback Period 2 – Default is 5.
The default trading quantity is 2. I have added functionality for part profit booking which increase profit and always keeps you in trade. Book 1 lot for certain points (350 points gives better results) and continue other with 1 lot till the position reversed.
I have tested this indicator on 1 Hour time-frame on BITSTAMP exchange and the time period is maximum available on Tradingview.
Period : 02/01/2019 to 30/03/2020. Points = $ 17720.56 No. of trades = 129 % Profitable = 44.96% Profit Factor = 2.464 Sharpe Ratio = 0.674
For free trial, send me a private message in order to access this script.
Disclaimer: This script/strategy is for educational and information purpose only. The author of this script/strategy will not accept any liability for loss or damage as a result of reliance on the information contained in the charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.